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200507874
<br />(iv) Borrower and, if applicable, each General Partner, have at all times accurately
<br />maintained, and will continue to accurately maintain, their respective financial statements, accounting
<br />records and other partnership, company or corporate documents separate from those of any other Person
<br />and Borrower will file its own tax returns or, if Borrower and/or, if applicable, General Partner is part of a
<br />consolidated group for purposes of filing tax returns, Borrower and, General Partner, as applicable will be
<br />shown as separate members of such group. Borrower and, if applicable, each General Partner have not at
<br />any time since their formation commingled, and will not commingle, their respective assets with those of
<br />any other Person, other than funds deposited into the "U -Haul Concentration Account' and funds deposited
<br />into local bank accounts, provided that the Insolvency Opinion has concluded that such commingling will
<br />not result in a substantive consolidation of Borrower with any other Person, and will maintain on a ledger
<br />basis their assets in such a manner such that it will not be costly or difficult to segregate, ascertain or
<br />identify their individual assets from those of any other Person. Borrower and, if applicable, each General
<br />Partner have at all times since their formation accurately maintained and utilized, and will continue to
<br />accurately maintain and utilize, their own separate bank accounts (unless the Insolvency Opinion has
<br />concluded that the failure to have separate bank accounts will not result in a substantive consolidation of
<br />Borrower with any other Person), payroll and separate books of account, stationery, invoices and checks, if
<br />any.
<br />(v) Borrower and, if applicable, each General Partner, have at all times paid, and will
<br />continue to pay, their own liabilities from their own separate assets and shall each allocate and charge fairly
<br />and reasonably any overhead which Borrower and, if applicable, any General Partner, shares with any other
<br />Person, including, without limitation, for office space and services performed by any employee of another
<br />Person.
<br />(vi) Borrower and, if applicable, each General Partner, have at all times identified themselves,
<br />and will continue to identify themselves, in all dealings with the public, under their own names and as
<br />separate and distinct entities and shall correct any known misunderstanding regarding their status as
<br />separate and distinct entities. Borrower and, if applicable, each General Partner, have not at any time
<br />identified themselves, and will not identify themselves, as being a division of any other Person.
<br />(vii) Borrower and, if applicable, each General Partner, have been at all times, and will
<br />continue to be, adequately capitalized in light of the nature of their respective businesses.
<br />(viii) Borrower and, if applicable, each General Partner, (A) have not owned, do not own and
<br />will not own any assets or property other than, with respect to Borrower, the Property and any incidental
<br />personal property necessary for the ownership, management or operation of the Property and, with respect
<br />to General Partner, if applicable, its interest in Borrower, (B) have not engaged and will not engage in any
<br />business other than the ownership, management and operation of the Property or, with respect to General
<br />Partner, if applicable, its interest in Borrower, (C) have not incurred and will not incur any debt, secured or
<br />unsecured, direct or contingent (including guaranteeing any obligation), other than (X) the Loan, (Y)
<br />unsecured trade and operational debt which (1) is not evidenced by a note, (2) is incurred in the ordinary
<br />course of the operation of the Property, (3) does not exceed in the aggregate three percent (3 %) of the
<br />Allocated Loan Amount for the Property and (4) is, unless being contested in accordance with the terms of
<br />this Security Instrument, paid prior to the earlier to occur of the thirtieth (30th) day after the date incurred
<br />and the date when due, and (Z) with respect to the General Partner, the Mez Loan, (D) have not pledged
<br />and will not pledge their assets for the benefit of any other Person other than, with respect to the Mez Loan,
<br />the pledge by each General Partner of its interest in Borrower, and (E) have not made and will not make
<br />any loans or advances to any Person (including any Affiliate).
<br />(ix) Neither Borrower nor, if applicable, any General Partner will change its name or
<br />principal place of business.
<br />(x) Neither Borrower nor, if applicable, any General Partner has, and neither of such Persons
<br />will have, any subsidiaries.
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